Increased Basra Heavy Oil Volumes

A report from Argus claims that Iraq has scheduled greater-than-expected initial volumes of its new Basra Heavy crude oil grade.

The State Oil Marketing Organization (SOMO) plans to load more than 1.2 million bpd of Basra Heavy in June, boosting total Iraqi sales from its southern export terminals to a record high of almost 3.2 million bpd.

That would make Basra Heavy the third-biggest freely traded crude stream in the Gulf, behind Basra Light (the largest) and Abu Dhabi’s Murban crude.